Taking generative AI all the way to the banks

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} Most people probably have the impression that bankers are stuffy, hidebound rule followers. But actually, bankers are also people who take enormously risky bets. Take for instance the [2008 financial crisis]( in the US, which was triggered by predatory lending practices that targeted low-income groups. Or when 233-year-old British lender Barings Bank went [bankrupt]( because it let Nick Leeson, a 28-year-old trader, make unauthorized trades that resulted in losses of US$1.3 billion. That said, I was surprised when I learned that some banks are using generative AI for their coding needs. But because usage of this technology is still in a regulatory gray space, few bankers wanted to talk about it on record. Today, the R&D centers of many banks are buzzing with pilots involving generative AI. And these pilots could get incorporated into banks' mainstream operations, once there’s more clarity from regulators on the usage of this tech. Given all these developments, watching this space will certainly prove interesting in the coming years. -- [Rachel Chitra]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [How generative AI can transform banking via bots and streamlining the backend]( This new tech can transform how banks operate, but concerns over regulation, data security, and systemic biases will act as a constraint. 2. [Surviving the funding game: how timing can make or break your startup]( Industry realities, economic conditions, and market volatility can affect the time gap between funding rounds. 3. [SEA records least funded half-year since 2020: report]( A Tracxn report attributed the result to a significant decrease in late-stage funding, which dropped 54% to US$997 million in H1 2023. 4. [Planting the seeds for Indonesia’s game industry]( Meet Toge Productions, an indie gaming studio from Indonesia on a mission to showcase the incredible potential of Indonesian game developers. 5. [Hepmil was almost sold after stagnating. Now it’s tapping TikTok to hit record revenues]( Hepmil Media Group’s revenue was stagnating, and it was on the verge of selling the business. But it found growth again with the help of TikTok creators. 6. [China is winning the AI patent race]( Some of the biggest tech firms in China have secured far more AI patents than their American counterparts, with Baidu alone holding almost 14,000. 7. [Reshaping Bali’s future: Startup community steps up in pandemic’s wake]( In response to the hard lessons learned from being too dependent on tourism, the island is shifting its focus to the tech sector. 8. [TikTok’s Project S triggers alarm bells in Indonesia]( TikTok said its latest ecommerce effort is not available in Indonesia, emphasizing that it does not offer cross-border transactions. 9. [Battle for Malaysia’s ‘last mile’: Local couriers struggle against foreign players]( Homegrown brands are calling for government intervention due to a logistics price war. 10. [5ire investors angry over delay on promised refunds. CEO blames mystery fund]( The blockchain firm offered token holders a refund when it couldn’t afford to. Now, it’s scrambling to raise funds, and investors are furious. --------------------------------------------------------------- TECH IN ASIA'S FOUNDERS MEETUP: THAILAND  Come aboard and discover how you can navigate through the challenges of your startup journey Are you a founder seeking solutions to your startup’s most pressing issues? Or are you someone who can offer your own expertise to help others overcome their roadblocks? No matter which one applies to you, mark your calendar for July 26 and join us in the heart of Bangkok at theCOMMONS to connect, learn, and exchange ideas with fellow founders from the Tech in Asia community. Why navigate the startup journey alone when you can collaborate with other founders and break through barriers together? Hurry, limited tickets are left - act fast and secure yours [here](. Tickets are on sale at US$12.50 each, inclusive of light bites and one complimentary drink. Don’t miss it! 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